EU holds emergency meeting to discuss possibility of releasing oil reserves.

The meeting took place against a backdrop of tight fuel supplies and sharply rising diesel prices. EU countries are considering coordinating the release of fuel reserves onto the market to supplement supply, ease price pressures, and respond to current disruptions.

The EU is also discussing this issue with the International Energy Agency. Member states must weigh the options between using reserves to cool fuel prices and maintaining a safety net if the emergency persists.

The US is urging European countries to quickly release more fuel reserves onto the market. However, emergency reserves are limited and will need to be replenished after use.

During the oil release coordinated by the International Energy Agency in March, EU countries contributed approximately 20% of the total 400 million barrels brought to market.

RG